North Carolina Down Payment Support Systems

Payments Gateway - These programs will be the Mortgage Credit Certificate and the deposit Assistance System.

Should you qualify for one of these plans and also you purchase a property between December 1, 2009 and January 1, 2009, you may also be eligible for the $8,000 tax credit merely enacted into law.

First, who's a First Time Home Buyer? There is a first-time Home Buyer someone who has not owned a home in the past three years. It is the exact same qualifying definition for the $8,000 tax credit.

What's a Mortgage Credit Certificate and Who Qualifies?

A Mortgage Credit Certificate (MCC) is a federal tax credit to assist home buyers with low and moderate incomes.

You are able to claim 20% of the interest you pay as a credit in your federal income taxes should you are eligible for the MCC. You can save as much as .

You'll manage to unite this if you do qualify for 2009, for the MCC. This could reduce a buyer's tax liability .

Household income is defined as the “gross income of the mortgagor and every other person anticipated to live in the residence who's 18 years of age or older.”

House price limitations that apply in Orange, Durham and Chatham Counties and the income are listed below.

MCC Income Limits 1 Man $61,500 2 Men $61,500 3 Men $70,500 4 Persons $70,500

MCC Sales Cost Limitations New House $220,000 Existing Home $210,000

Who Qualifies for Down Payment Help?

Home buyers that need help with their down payment and closing costs might be able to get down payment assistance - or, quite simply, interest-free, deferred second mortgages up to $8,000. The purchaser just needs to pay and the load would pay around .

This plan has more rigorous income limitations than the MCC program outlined above. Like the MCC program, it can be used in combination with all the new $8,000 tax credit on home purchases between January 1, 2009 and December 1, 2009. The down payment help, nevertheless, can't be applied together with all the MCC. This is an either or situation.

The income and house price limits that apply in Durham, Orange and Chatham Counties are listed below.

Down Payment Assistance Income Limits

1 Individual $39,950 2 Individuals $45,650 3 Individuals $51,350 4 Men $57,050

Down Payment Support Sales Cost Limits New Home $210,000 Existing Home $210,000